customers on a jobsite
customers on a jobsite


Have questions about how to manage your account(s) with us? Check out our most frequently asked questions below for answers.


We offer several options to accept early payoff payments:

  1. Pay online (Log In or Register)
  2. Via phone at 1-800-651-0567
  3. Via check to the address listed on the payoff quote
  4. Via wire transfer to the bank account listed on customers' MyCatFinancial preferences

There is no cost to customers to remit payments using Cat Financial’s online account management or by phone, which are faster and more convenient than mailing a check. Wire transfers are preferred when lien release needs to be expedited. For checks and online payment, a five day holding period is required to ensure the funds have cleared before liens are released.

Payoff quotes for most contracts can be generated using Cat Financial’s online account management (Log in or Register). If you are unable to generate a quote automatically, you can submit the request online, and we will respond within one business day.

Payoff processing fees are standard on each contract with Cat Financial, and represent the costs of early termination of the contract and lien release (UCC-3 and title release, if applicable).

Prepayment premiums are an industry-standard practice. They represent the cost of receiving funds earlier than anticipated, and early termination of the contract.

Paid in full documents typically are sent on the sixth business day after receipt of funds. If a wire transfer is sent, we can expedite paid in full documents upon request. Contact us at 1-800-651-0567.

What can delay termination?

  • Checks take five business days to clear
  • Sending an incorrect payoff amount
  • Late fees on the contract accruing after payoff was quoted
  • Insurance cancellation

Physical Damage Insurance

A policy number usually starts with CIC-####### and replicates the middle section (7 digits) of the Cat Financial contract number, for example:

  • Contract Number: 001-0123456-000 » Policy Number: CIC-0123456

When paying off a contract early, you will have the option to continue coverage through the original contract termination date. However, if you choose not to pay the remaining premium, you are still responsible for any current or past due insurance payments prior to your cancellation date. Login to to get a payoff quote.

Insurance is usually billed in arrears. Meaning, if your payment due date is 7/30/16, this has provided you coverage from 6/30/16 until 7/30/16. If the insurance policy is cancelled on 7/20/16, you will still be responsible for 20 days of coverage. Login to to get a payoff quote.

All cancellation requests must be submitted in writing by completing the Caterpillar Insurance Company Physical Damage Insurance Cancellation Form. Because insurance is highly regulated, the information listed on the insurance cancellation form should match exactly with what is stated on the original policy documents. This includes the insured’s full name, correct address, and the appropriate signature of the insured. For a policy to be cancelled effectively, the date of cancellation and the reason for cancellation are required. The insured must remit all applicable supporting documentation as detailed below:

  1. Proof of trade documents if the unit was traded in or sold to the dealership
    • Dealer invoice or purchase receipt
  2. Proof of the sale between the insured and the new owner if the unit was sold
    • Notarized Bill of Sale including date of sale, model, serial number, amount of purchase, and signatures for both parties
  3. Certificate of Insurance if alternate coverage is obtained through an outside insurance agency
    • Certificate of Insurance with equipment model and serial number, effective date of coverage, showing Caterpillar Financial Services Corporation as lienholder
  4. Documents if the Policyholder is deceased
    • Signature of the Power of Attorney/Executor of the Estate on the cancellation form; attach death certificate and Power of Attorney or Executor of the Estate documentation
  5. “Total Loss” of equipment
    • Insurance cancellation form must be completed with the specified date of the loss

Principal Reduction

A principal reduction refers to the reduction of either the term or partially paying down the principal amount on loans and finance leases.

No, processing of principal reduction requests are performed as a courtesy.

If you qualify, a minimum of three times the next payment amount due must be received. The excess amount must be clearly specified as “principal reduction.” When your payment has been received, the amount equivalent to one payment will be applied to the next due payment that is open and the excess funds will be applied to reduce the principal. Additional funds received that do not meet the criteria described above will be applied to future payments.

You must be in good standing with no default on any contracts to qualify.

If you qualify for a principal reduction, you can make up to two principal reduction payments per year.

Yes, a principal reduction payment can be applied to finance leases and loans. Taxes must be taken into consideration regarding finance leases.

Yes, either method can be utilized, however if not specified on your payment, the funds will be applied to reduce the term of the loan.

Three times the next payment amount due refers to three times the base payment amount not including monthly billables such as taxes or insurance, etc.

  • Monthly payment: $1,000
  • Three times next payment: $3,000

If funds are specified a principal reduction the monthly payment due will be applied first and excess will be applied towards principal.

  • Applied to open payment due: $1,000
  • Applied to principal: $2,000

Any amount less than three times the payment will be applied to payments that are currently invoiced with excess being applied towards future payments.

  • Applied to open payment due: $1,000
  • Applied to future payments that are not yet invoiced: $1,000

Any payment method in which you can specify “principal reduction” is recommended. If paying via check or wires, please specify on the memo line. If making a payment online please select the appropriate “principal reduction” drop down option, do not select “principal balance.” For phone payments, please inform your customer service representative.

Your balance is not impacted until the principal reduction payment process is completed by a Cat Financial representative, at which time your account balance will change to reflect the new balance.

Once a principal reduction has been completed, a new amortization schedule will be provided to the customer via mail and invoices will remain viewable online. Due to modification of the contract, the amortization schedule and automatic buyouts will no longer be available online and require manual calculation.

Our current accounting system has certain limitations on processing principal reduction payments. We understand there may be a need for a principal reduction which is why we have the current process in place.

The language for finance leases and loans for United States contracts can be found in one of three sections depending on when your contract began. Section 4, 5 or 22 will provide details on reducing your principal and is most often entitled “Buyer’s Promise to Pay"; "Terms of Payment” or “Buyer’s Unconditional Payment and Performance Obligations.”

If a customer sends in $6,000 or $10,000 for a principal reduction you can see the impact on the term or payment, dependent on how the customer chooses to apply funds.

Balance Remaining: $100,000
Payment Amount: $1,887.12
Term Remaining: 60 months
Rate: 5%
Minimum Amount Required to Process a Reduction on Principal
(3x payment): $5,661.37

Principal pay down amount: $6,000
If I send in $6,000 my new term will be approximately* 56 months
If I send in $6,000 my new payment will be approximately* $1,773.90

Principal pay down amount: $10,000
If I send in $10,000 my new term will be approximately* 53 months
If I send in $10,000 my new payment will be approximately* $1,698.41

End of Lease

Current customers should log in to MyCatFinancial or contact their Lease Consultant at 800-651-0567 to discuss questions regarding their lease.

Payments can be made via these convenient methods:

1) Enroll in Direct Pay by logging in to your MyCatFinancial account. 
2) Pay online by logging in to MyCatFinancial
3) Pay via phone by calling 800-651-0567 (Select Option 2)
4) Mail a check to the address listed on your invoice
5) Pay via wire transfer

Cat Financial can finance the purchase of your machine at lease expiration, subject to credit approval. Current customers should log in to MyCatFinancial or contact their Lease Consultant at 800-651-0567 to discuss their options. The Cat Financial Lease Services team will provide a quote and work with you to complete necessary documentation. 

Current customers should contact their Lease Consultant at 800-651-0567 to discuss the possibility of someone assuming a lease.

No, leases remain in effect for the lease term specified in the lease contract. Current customers should contact their Lease Consultant at 800-651-0567 to discuss their options.

Used equipment can be leased but are subject to limitations. Current customers should contact their Lease Consultant at 800-651-0567 to discuss options.

No, leases do not have principal and do not include an interest allocation. An equipment lease gives a customer possession of the machine during a specified term. A lease is not a loan to purchase a machine. Learn more about the differences between a lease and loan »

Customers are responsible for maintaining their leased equipment by performing all scheduled maintenance as well as repairing any damage that has been caused to the machine.

Customers leasing equipment from Cat Financial that has been damaged should file a claim with their insurance company immediately. Lease payments must still be made while the machine is being repaired.

Generally, customers have four options upon lease expiration.

1) Purchase the machine.
2) Extend the lease on a short-term basis under the same terms and conditions of the original lease, subject to approval.
3) Extend the lease with new terms and conditions, subject to approval.
4) Return the machine. (Please note that the machine must be returned to the local Cat dealer by the lease expiration date.) Upon expiration of the lease, if you have not returned your equipment, arranged to purchase the equipment, or extend your lease, you will be liable for holdover rent and other amounts as indicated in your lease contract.

Current customers should contact their local Cat dealer to set up a pre-inspection and complete necessary repairs prior to the lease expiration date. The machine must be returned to the local Cat dealer on or before the lease expiration date.

Current customers must return leased equipment to their local Cat dealer by the lease expiration date.

If a machine is returned with more hours than the agreement states, a predetermined overage rate for each hour that exceeds the total number of hours allowed will be charged. The overage fee can be calculated by multiplying the number of additional hours by the overage fee specified in the lease agreement.

Cat Financial does not provide refunds to customers who return the machine with less hours than the number of allowed hours as outlined in their lease agreement. However, the customer has the option to purchase the machine and access any assumed equity in the machine.

Data collected during the pre-inspection performed by a Cat dealer allows the customer to evaluate the current condition of the machine. The machine's condition helps guide the customer when deciding the best way to proceed upon lease termination. Plus, the Cat dealer Product Support team can offer their expertise and consult with the customer if there are any signs of damage or excess wear and tear. For machines with Equipment Protection Plans (EPP): repairs determined by the pre-inspection may be covered by the equipment protection plan prior to lease termination, subject to the terms, conditions, and/or exclusions of the EPP.

Contact your local Cat dealer to discuss the best options for you and your business. Find your local Cat dealer »

Inspections completed by a Cat dealer are used to evaluate the leased unit against the return conditions. Should there be additional end of lease fees, Cat Financial will provide an explanation of charges and send an invoice. Typically, customers will be notified of any additional fees within 60 days of the lease expiration date. 

No, the purchase price at the end of the lease is non-negotiable.  

Contact Us

Didn’t find the answer to your question? Give us a call at 1-800-651-0567 or email Your local Cat® dealer is another great resource for information about equipment financing and protection.

Contact Us
customers on a jobsite
customers on a jobsite